Inventory_APP_Practice_Problems

Inventory_APP_Practice_Problems - ACCT 301 Question 1. APP,...

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ACCT 301 Question 1. APP, Inc. has the following information regarding inventory: Units Cost Beginning Inventory 1/1/01 500,000 $2,390,000 Purchases 1/5/01 700,000 $3,380,000 Sales 1/8/01 900,000 Purchases 1/12/01 800,000 $3,889,000 Sales 1/16/01 750,000 Purchases 1/24/01 825,000 $4,043,000 Sales 1/30/01 600,000 Round all per unit costs to two decimal places . Calculate cost of goods sold and ending inventory under the following cost flow methods. For perpetual methods, you must show cost of goods sold for each sale as well as total cost of goods sold 1. Pooled LIFO Cost of Goods Sold: ___________________________ Ending Inventory: ___________________________ 2. Periodic FIFO Cost of Goods Sold: ___________________________ Ending Inventory: ___________________________ 3. Periodic Weighted Average Cost of Goods Sold: ___________________________ Ending Inventory: ___________________________ 4. Perpetual LIFO Cost of Goods Sold: ___________________________ Ending Inventory: ___________________________ Question 2
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